Recent Treasury Department data reveals a rise from $33.990 trillion on January 2nd to $34.866 trillion by July 2nd, marking a staggering $876 billion surge in just six months.
Former Secretary of State and ex-CIA director Mike Pompeo, in a statement on the Washington-based nonprofit American Center for Law and Justice (ACLJ), warns that the ballooning debt now poses a national security threat.
Citing the Congressional Budget Office (CBO), Pompeo underscores that the projected $2 trillion budget deficit for fiscal year 2024, up from $1.7 trillion last year, signals alarming fiscal challenges.
He emphasizes that the national debt, projected to reach 122% of GDP in a decade, could surpass the total wealth generated by the US economy.
Pompeo expresses concerns that prolonged high debt, coupled with interest rates and inflation, could erode the US dollar’s value, benefiting global rivals like Beijing, Moscow, and Tehran at America’s expense.
He stresses the critical need to address the mounting debt to secure America’s economic future, cautioning against the perils of deficit spending that can lead to eventual failure for any business or nation, regardless of its size or wealth.
The trade standoff between the U.S. and China took a sharp turn on Friday after President Donald Trump accused Beijing of breaching a recently struck economic agreement.
Despite growing concerns over America’s swelling budget deficit, Citigroup’s U.S. equity strategist Scott Chronert believes the situation could bring short-term gains to the broader economy—even if it comes at a cost to market valuations.
Robert Kiyosaki, author of Rich Dad Poor Dad, is sounding a dire alarm over what he describes as the beginning of financial chaos in the U.S.—a scenario he believes will wipe out millions financially.
Billionaire investor Chamath Palihapitiya is sounding the alarm over a new piece of legislation that he believes could accelerate America’s financial decline.